Cleveland Rental Market

[Jake Oreskovich]

Hello BP,

Can anyone give me some insight on the rental market in Cleveland. I have been seeing a lot of things come up in Cleveland area. Clearly the real estate market is still in the dumps there. However, is there a decent market for rental properties? 

I have experience in remodels, flips, buy & hold however, I know very little about Cleveland. How is the homes to tenants ratio? I would like insight from people who are actively investing in Cleveland rentals or rehab properties. 

Are there any places to stay out of? The bulk of my rentals are in very low income/poverty areas so I'm not afraid of that market but in some places it simply won't work. Any management company recommendations? 

Thanks!

[Bob Collett]

Jake

You might find it interesting to note that there are about 84,000 rental properties in Cleveland proper.  Plenty more in inner ring suburbs.  So by any standard, there is a lot of rental activity here relative to the population, which is close to 400,000 in Cleveland proper. I manage some units in Maple Heights, Cleveland Heights, Garfield Heights, South Euclid, Euclid but I much prefer the west side where I focus on West Park... 44111, 44144, 44135. Parma & Lakewood are also great west side choices. Tremont, Ohio City, Gordon Square and Detroit-Shoreway are all interesting in their own way.